S&P 500
S&P 500 has been in habit of following our
mentioned levels and it has been doing it for some time and traded at our
mentioned levels. S&P 500 has been in a consolidation mode and traded in
last session on expected note as it opened at 2173 and from there made high
of 2178 and then made low of 2166 before finally closing
the flat session at 2170 with gain of just 3 points to
the index. S&P 500 seems to be consolidation mode after a strong upward rally
and trading at recent high before entering sideways movement. S&P 500
current trend seems to be forming support by giving consecutive closes around
these level. S&P 500 seems to have entered into consolidation mode and may
continue to do so for short term.
S&P 500 has crucial immediate resistance
intact 2195--2200. If this level is positively sustained and breached then one
see next Resistance at 2230—2250.
S&P 500 Support is also intact at 2160--2155.If
this is breached negatively and not sustained then one see next support
building around 2150--2140.
RSI of 63 and increasing also indicate that short
term trend is towards is improving as markets seems to have factored in all the
negative news and looking positive for short term as it seems to be forming
support and may be entering in consolidation phase after making recent highs.
MACD of positive 21 also suggest that S&P 500
may short term trend is improving and if trend continues then we may see strong
upside move if near resistance are positively breached and sustained.
More Will Update Soon!!
